The best tips for switching electricity and gas providers - from a financial expert.

The best tips for switching electricity and gas providers - from a financial expert.

According to a report by www.merkur.de,

According to consumer advocates, you should check your own electricity and gas tariff - and if necessary switch to a cheaper provider. For new customers, electricity prices in 2023 have fallen significantly compared to the previous year. Electricity is currently available for less than 30 cents per kilowatt hour, as the German Press Agency (dpa) reported at the end of November. The price of gas is also significantly lower than last year - with prices at a low of less than 10 cents per kilowatt hour, according to the consumer portal Finanztip.

The Saxony-Anhalt Consumer Center advises checking contracts for electricity and gas and changing providers if necessary. The consumer advice center gives the following indication: Anyone who finds that the current contract is more expensive than the (soon to expire) price brake of 40 cents per kilowatt hour for electricity and more than 12 cents per kilowatt hour for gas should terminate the contract themselves as soon as possible. Prices on the wholesale markets are currently falling and numerous suppliers are offering prices below the price cap. It is therefore worth ending the often expensive basic service, according to the consumer advice center.

However, changing provider should not be done lightly. First, you should check your previous contract for the existing conditions. Comparison portals offer good guidance, but it is also worth talking to friends and acquaintances about their experiences. In addition, many providers offer different tariffs, so that consumers can stay with the provider when switching tariffs and still save money. It is also advisable to initially commit to one year and choose a tariff with a price guarantee in order to avoid a possible first price increase after a few months. Be careful with discount providers whose contract conditions should be carefully checked in advance.

According to the Federal Network Agency, if you want to change, you have a notice period of two weeks for the basic service. Anyone who has a special contract can get rid of it with a maximum of three months' notice at the end of the term. If the contract has been tacitly extended after the end of the term, the same applies. There is also another factor that is of great importance for the price of electricity: specifically, it is about a billion-dollar federal subsidy for network fees that was actually planned - but which could be canceled as part of savings following the budget ruling, which would lead to higher electricity prices.